With the end of the "high school entrance examination", the leading AI "players" in the first quarter rose again and won the "halfway" championship!
In the first half of the second quarter, the "players" who deployed dividends such as non-ferrous metals, oil and coal temporarily lagged behind, while the leading AI "players" deployed computing power such as "Yi Zhongtian", and some products equipped with AI applications were also excellent. A number of fund sources said that AI has the potential to become one of the important directions of the A-share market in the second half of the year, focusing on the performance release of AI-related fields, computing power may still be better than the application side, and dividend stocks still have the opportunity to lead the market.
The AI "player" won the "half-way" championship
On June 28, the AI track of consumer electronics, superconducting concepts, and PCB concepts strengthened against the trend, and with the closing of the last trading day of June, the 2024 semi-annual examination officially "ended", and the performance of those funds that laid out the artificial intelligence industry chain led strongly.
Wind data shows that as of June 28, from the perspective of active equity funds, there are 59 funds (A/C shares are not combined) with a yield of more than 20% since the beginning of this year, two of which have a yield of more than 30%, both of which are held by Wang Peng's Manulife Prosperity Pilot for two years, and Manulife Prosperity Smart Selection 18 months to hold A, while a week ago, the leading Tibet Dongcai Digital Economy Preferred and Damo Digital Economy have "given way".
Specifically, Wang Peng, the fund manager of Manulife Fund, can be called the big winner this year, and 10 of the products under his management have yielded more than 25% this year. Taking the performance of the temporary leader of Manulife Prosperity Pilot for two years, Manulife Prosperity Smart Selection 18 months holding A as an example, the layout of these two products is very similar, the top five heavy stocks in the first quarter are Shanghai Electric Co., Ltd., Industrial Fortune Union, Xin Yisheng, Zhongji Innolight and Tianfu Communications, and the allocation strategy of other products is the same.
Yongying Dividend Preferred A, which ranked third in the "semi-annual examination", achieved an increase of nearly 30% in the first half of the year. This is also a dividend fund that broke into the "top 10", and at the end of the first quarter, it mainly deployed power stocks such as China Nuclear Power, Zheneng Power and Huadian International.
In addition, Bosera Growth Selection, Yongying Long-term Value, ICBC Dividend Preferential A, Zhongou Ruifeng A, China Universal Brand Power One Year Holding A and other products with a layout of non-ferrous metals, electricity, coal, petroleum and "China Special Valuation" and other dividend direction products are currently in the second echelon, and most of the performance ranks between the top 20 and the top 30.
Equity Funds "Top 20" in the First Half of 2024
来源：Wind
In addition, judging from the performance list of equity funds in the past three years, the "coal boss" Huang Hai can be called a big winner, and the Wanjia macro timing multi-strategy A, Wanjia Xinli, and Wanjia Select A managed by him have risen by 98.27%, 95.44% and 80.61% respectively. At the same time, Jinyuan Shun An Yuanqi, Huatai Berry Fuli A, and Huatai Berry Multi Strategy A all rose by more than 50%, while a number of products managed by Invesco Great Wall "General" Bao Wuwu also rose by more than 40%.
Which is the advantage of computing power and application
The AI market in the first quarter of this year was stimulated by applications such as Sora, while the current computing power is "leading". Quite similarly, last year, ChatGPT also detonated the craze of large models, which set off an explosion of the entire artificial intelligence industry chain, such as ChinaAMC CSI Animation and Game ETF and many other game products rose by more than 90% in the first half of last year.
However, as the application side of games and media fell silent, the computing power side became the "pillar" of AI and even the A-share market. So who has the advantage in computing power and application in the second half of this year?
Lei Zhiyong, manager of Da Mo Digital Economy Fund, believes that in the technology growth sector, artificial intelligence is still worth paying attention to. At present, the large-scale investment of global AI industry giants and the penetration rate of the industry are still in their infancy, and they have not yet reached the acceleration stage from 5% to 30%. The IT infrastructure represented by computing power has benefited from the demand for AI, and the prosperity is still on the rise.
The reporter found that in the first half of the year, in terms of AI applications, there were many large model layout enterprises and rapid upgrade iterations, and B-end developers gradually began to use the APIs provided by large model manufacturers to develop applications. At the same time, in the field of consumer electronics, leading companies such as Apple, Huawei, Samsung, and Lenovo have successively launched AI mobile phones, AI computers and other products this year, and AI applications are being rolled out on a large scale.
Ma Kewei, managing director of Mingze Investment, believes that enterprises are moving from business digitalization to business intelligence, using artificial intelligence to achieve product and process innovation. Compared with last year, this year's computing power is mainly the iterative upgrading of overseas computing power products, and some breakthroughs have been made in domestic computing power. With the rapid growth of the demand for computing power, the subdivision of computing power such as optical modules and PCBs has entered a period of performance release.
Technology and dividends, who can have the last laugh
In the first half of this year, the "players" who laid out the dividend track, such as Yongying Long-term Value, Invesco Great Wall Cycle Optimization, Invesco Great Wall Pillar Industry, and Oriental Cycle Optimization, once led the market. However, due to the weakening of nonferrous metals, coal, oil and other sectors in the second half of the second quarter, its performance temporarily lagged behind, but its "high school entrance examination" results are still relatively bright, and there is still a chance to achieve overtaking in the second half.
On the other hand, technology stocks have similar features this year and last year, both of which experienced a retracement after a sharp rally in the first quarter, followed by a rebound. However, in the second half of last year, many AI concept stocks continued to weaken sharply, making some AI "players" fail to have the last laugh after all. For example, last year's "half-way" active equity champion Nord New Life earned 75% in the first half of the year, but lost 6.5% in the whole of last year.
A person from a public fund in Shanghai said that it is uncertain whether AI can lead the rise in the second half of the year, which depends on internal and external factors. On the one hand, the domestic AI sector is affected by the global leader NVIDIA, if NVIDIA's August financial report falls short of market expectations, or if the fourth quarter due to the penetration rate reaching a critical value to reduce its valuation by a step, then AI may only have a phased opportunity; On the other hand, as a growth sector, the risk appetite of artificial intelligence has a great impact on stock prices, and if the macroeconomic downward pressure increases in the second half of the year, the valuation level may also fall.
The person believes that the current risk appetite of investors in the A-share market is still at a low level, based on the demand for defensive investment, the dividend track and cyclical stocks are expected to remain one of the main investment directions of the market, so in the second half of the year, dividend stocks still have the opportunity to lead the market, and the probability is very high. Some oil, non-ferrous metals and other sectors with increased performance have increased their upside with the release of performance.
Reviewer: Hou Zhihong
Editor: Ya Wenhui
Proofreader: Wang Yin
Producer: Li Ruoyu Signed: Sun Hong
